OPINION: Ether faces key resistance zone, breakout could spark new rally
Technical analysis by analyst Shayan shows that Ether has experienced a period of consolidation at the Fibonacci retracement levels of 0.5 and 0.618 as well as key support near the 100-day SMA, followed by a moderate bullish rally. However, Ether still faces a notable resistance zone, the breakout of which could pave the way for fresh bullish momentum.
On the daily chart, Ether's prolonged consolidation phase is approaching key support levels, which are marked by the Fibonacci retracement levels of 0.5 ($3,139) and 0.618 ($2,910), as well as the key 100-day SMA, leading to a slight bullish recovery. However, Ether now faces a strong resistance zone that includes the upper boundary of the wedge and the key $3,400 marker. A successful break above this resistance could pave the way for a significant bullish surge towards the $4,100 threshold. Conversely, failure to overcome the selling pressure could lead to a continuation of the consolidation phase within the upper boundary of the wedge pattern and the 100-day SMA.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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